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Ethics in Accounting - Essay Example

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Accounting ethics are the set of codes of conduct and standards that that accounting professionals must follow. Besides satisfying the employer’s needs, accountants have to take into account public interest. Accounting standards are aimed at standardizing accounting practices across the world…
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Ethics in Accounting
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Download file to see previous pages AICPA principles of professional conduct
AICPA principles are the guidelines that guide the conduct of members in the accounting profession.
1.Accounting professionals are expected to exercise moral judgment and professionalism in the conduct of activities.
2.Professional accountants are expected to act in a manner that ensures public interest. Accountants must be committed to professionalism and earn public honor.
3.Accountants are expected to uphold high levels of integrity to earn public interest.
4.Accountants must be show objectivity and independence when discharging responsibilities.
5.Accounting professionals must continuously enhance their competencies to improve service delivery.
6.Members are expected to adhere to professional codes of conduct when determining nature and the scope of services provided.
Definition and characteristics of U.S. GAAP
U.S GAAP denotes internationally recognized frameworks that guide financial accountants. The principles ensure ethics in the field of accounting. The characteristics include:
1.Financial information must be relevant in that it ought to contain information about the business.
2.Information must be reliable in such a way comparative analysis can be made. The information must also be verifiable (Duska R, Duska S, and Ragatz 33).
3.Comparability ensures that differences and similarities between events can be easily made. That is, Past and currents statements can be analyzed.
4.Financial statements must also be consistent in that they are easily understandable by the users of the statements and the preparer.
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